Russia lifts diesel export ban as market recovers, says deputy prime minister

Russia is preparing to lift its ban on diesel exports after Deputy Prime Minister Alexander Novak indicated the domestic fuel market has stabilized enough to resume international shipments. The ban, which took effect on July 8, 2026, was originally set to run through July 31, and its potential removal marks a faster-than-expected recovery for a market rattled by supply disruptions. What triggered the ban in the first place The export freeze was announced during a government session chaired by President Vladimir Putin, with Novak citing the need to shore up domestic fuel supplies. The underlying cause: Ukrainian drone strikes targeting Russian oil refineries, which had been steadily eroding the country’s refining capacity and driving up fuel prices domestically. By June 2026, Russian seaborne diesel exports had already dropped to roughly 426,000 to 428,000 barrels per day. That’s a significant decline that was creating real pain at the pump for Russian consumers and, reportedly, public unrest over fuel availability. The government also initiated diesel imports to help stabilize the situation, an unusual step for one of the world’s largest oil producers. Market reaction and the Septe...